Precious Anga
Lagos — The European Commission is set to introduce a new 2040 electrification target as part of a broader strategy to reduce the European Union’s reliance on oil and natural gas while accelerating the transition to cleaner energy.
According to a draft proposal seen by Bloomberg, the Commission will unveil the plan on July 17, setting a target for the share of electricity in the bloc’s overall energy consumption by 2040. The initiative forms part of the EU’s long-term strategy to strengthen energy security, lower fossil fuel imports and expand renewable energy deployment.
The Commission said decisive action could position Europe as the world’s first “electro-continent,” with investments in electrification expected to modernise industries, support clean technology manufacturing, create jobs and reduce carbon emissions across member states.
Preliminary estimates indicate that higher electrification could replace about two-thirds of the EU’s natural gas consumption and cut oil demand by half. The Commission also projects that lower fossil fuel imports could reduce the bloc’s annual energy import bill by about €200 billion ($228 billion).
The EU’s current electrification rate stands at about 23 per cent, a figure that has remained largely unchanged over the past decade. By comparison, countries such as China, Japan and South Korea have already surpassed the 30 per cent mark.
Although the EU is currently projected to achieve an implicit electrification rate of 32.5 per cent by 2030, based on national climate and energy plans, the proposed 2040 target is expected to push member states towards a more ambitious transition.
European Commission President Ursula von der Leyen had earlier confirmed that the forthcoming EU Electrification Action Plan would include an ambitious electrification goal to accelerate the bloc’s clean energy transition and reduce dependence on imported fossil fuels.
The proposed target is expected to become a key pillar of the EU’s long-term energy policy as Europe seeks to strengthen energy resilience, enhance industrial competitiveness and meet its climate commitments over the coming decades.
